Corporate Corruption News Articles

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The Goldman Sachs executive who didn't so much burn as firebomb his career bridges with a poisonous resignation letter in the New York Times wasn't the only former employee to go on a publicized rant this week. A couple of days earlier, James Whittaker, an engineering director at Google who recently moved to Microsoft, took direct aim at the Mountain View search giant in a blog post arguing that the company has lost its way in the desperate quest to funnel users into its social network. Later that day, in an opinion piece on Wired.com, Andy Baio assailed Yahoo's patent-infringement suit against Facebook ... calling it "extortion" and a betrayal of employees. Obviously these parting shots carried extra weight coming from onetime senior, internal sources. While it's hard to draw broad conclusions about the criticisms, we can safely draw some narrow ones: Goldman Sachs should stop being an awful, awful corporate citizen (but then we've known that). Google shouldn't undermine its culture and core product in search of the next big thing. And Yahoo should drop this embarrassing lawsuit over bogus patents and get to work on real innovation. Alas, the conclusion most companies will probably draw from these episodes is that they need to toughen up their nondisclosure agreements.

Note: For revealing reports from reliable sources on corruption and criminality at the biggest financial corporations, click here. For lots more on corporate corruption, click here.

More details about [a] preliminary agreement to settle an "Agent Orange" related class-action lawsuit filed against the Monsanto Company [have been released]. Monsanto agreed to settle a case over pollution claims made on behalf of current and former residents of the small town of Nitro, West Virginia. In a written statement today Monsanto says it's agreeing to pay up to $93 million dollars. $84 million of that would go toward medical monitoring for residents ($21 million up front and up to $63 million over 30 years). The company also is agreeing to spend up to $9 million to professionally clean homes in the affected area, which includes an estimated 4500 houses. Putnam Circuit Court Judge Derek Swope will now give the agreement a thorough review before giving the deal his final approval.

Note: For key reports from reliable sources on corporate corruption, click here. For information on a major lawsuit and settlement for U.S. veterans injured by the government's use of agent orange, click here.

A two-year-old Food and Drug Administration appointment is stirring up online protests once more. In 2009, President Obama appointed Michael Taylor as a senior adviser for the FDA. Consumer groups protested the appointment because Taylor had formerly served as a vice president for Monsanto, the controversial agricultural multinational at the forefront of genetically modified food. In recent days, a petition calling for the former Monsanto VP’s ouster is gaining steam. “President Obama, I oppose your appointment of Michael Taylor,” the petition on Signon.org reads. “Taylor is the same person who was Food Safety Czar at the FDA when genetically modified organisms were allowed into the U.S. food supply without undergoing a single test to determine their safety or risks. This is a travesty.” Signers of the petition argue that Monsanto should not have influence at the FDA because it will hurt farmers and threaten plants and animals. They cite scientific research that has found genetically modified foods could be a cause for chronic illnesses or cancer in the U.S. The petition calls Taylor’s appointment an example of a “fox watching the hen house.”

Note: To sign the petition, click here. For lots more on this danger to public health, click here. For how WantToKnow.info founder Fred Burks found himself blacklisted by Monsanto, click here.

More than 600,000 U.S. consumers have moved their money from big banks to community banks or credit unions, thanks to the much-publicized Bank Transfer Day last fall, according to an analysis released by Javelin Strategy & Research. The grassroots campaign to get people to shift out of big banks capitalized on the nationwide Occupy Wall Street movement, and picked up further momentum from a Bank of America plan in September to charge customers a $5 per month debit card fee. "It was a meaningful movement of people from big banks into small community banks and credit unions ..." said Jim Van Dyke, founder of Javelin. Historically, people don't switch banks easily, even if they are unhappy, Van Dyke says. Consumers have strong ties to their banks because of direct deposit, automated bill payments and habit -- making change more complex than simply going someplace else. "Individuals are really resistant to moving their money out of banks," Van Dyke says. Overall, about 5.6 million people moved their bank accounts in the last quarter of 2011, Javelin says. Account changes attributed to Bank Transfer Day represented about 11 percent of total moves.

Note: As the article mentions, people rarely change banks, so the fact that 6 million changed banks in three months is quite impressive!

Julian Assange, the founder of WikiLeaks, said ... that his controversial website could be forced to shut down by the end of the year because a 10-month-old "financial blockade" had sharply reduced the donations on which it depends. Calling the blockade a "dangerous, oppressive and undemocratic" attack led by the United States, Assange said at a news conference that it had deprived his organization of "tens of millions of dollars," and warned, "If WikiLeaks does not find a way to remove this blockade, we will not be able to continue by the turn of the new year." Since the end of 2010, financial intermediaries - including Visa, MasterCard, PayPal and Western Union - have refused to allow donations to WikiLeaks to flow through their systems, he said, blocking "95 percent" of the website's revenue and leaving it to operate on its cash reserves for the past 10 months. An aide said that WikiLeaks was now receiving less than $10,000 a month in donations. Assange said that WikiLeaks had been forced to halt work on the processing of tens of thousands of secret documents that it has received, and to turn its attention instead to lawsuits it has filed in the United States, Australia, Scandinavian countries and elsewhere, as well as to a formal petition to the European Commission to try to restore donors' ability to send it money through normal channels.

Note: For more on this from BBC, click here.

It began as the brainchild of activists across the border in Canada when an anti-consumerism magazine put out a call in July for supporters to occupy Wall Street. Now, three weeks after a few hundred people heeded that initial call and rolled out their sleeping bags in a park in New York's financial district, they are being joined by supporters in cities across the US and beyond. Protesters against corporate greed, unemployment and the political corruption that they say Wall Street represents have taken to the streets in Boston, Los Angeles, St Louis and Kansas City. The core group, Occupy Wall Street, claims people will take part in demonstrations in as many as 147 US cities this month, while the website occupytogether.org lists 47 US states as being involved. Around the world, protests in Canada, the UK, Germany and Sweden are also planned, they say. The speed of the leaderless movement's growth has taken many by surprise. The movement, which organisers say has its roots in the Arab spring and in Madrid's Puerta del Sol protests, has been galvanised by recent media attention. Last week, the Guardian reported that a NYPD police officer had been filmed spraying four women protesters with pepper spray. On Saturday, a peaceful march on Brooklyn bridge intended as a call to the other four boroughs of New York to join in resulted in 700 arrests. Some protesters claim the police trapped them.

Note: For insights into the reasons why people have decided they must occupy their cities in protest of the predations of financial corporations, check out our extensive "Banking Bailout" news articles.

An independent trader, appearing on BBC News, reveal[ed] that he thinks banks and hedge funds believe the stock market 'is toast'. Alessio Rastani said that Goldman Sachs rules the world, not governments, and that Goldman Sachs “don't care about this rescue package” because they know “the stock market is finished” and they “don't really care” about the Euro. US Treasury Secretary Tim Geithner said over the weekend: "Sovereign and banking stresses in Europe are the most serious risk now confronting the world economy. Decisions cannot wait until the crisis gets more severe." He has proposed the so-called Geithner plan which will leverage the EU's €440bn bail-out fund (EFSF) from €440bn to €2 trillion to cope with Italy and Spain. But according to Mr Rastani it may already be too late as: “In less than twelve months, my prediction is, the savings of millions of people are going to vanish.”

Note: To watch the full BBC video of this most unusual interview, click here. For lots more on the fraudulent practices of major financial firms, click here.

Oil giant Royal Dutch Shell has reported a 77% jump in second-quarter profit, thanks to higher energy prices. Shell's profit for the three months to June came in at $8bn (Ł4.9bn) on a current cost of supplies basis, up from $4.5bn in the same period last year. Earlier this week, rival BP announced second-quarter profits of $5.3bn. Larger US rival Exxon Mobil said that net profit rose 41% to $10.7bn for the three months to June from the same period last year. The price of oil is much higher now than it was a year ago, in part inflated by political unrest in oil-producing countries such as Libya. Twelve months ago, US light sweet crude oil was trading at about $78 a barrel. It is currently trading at about $97 a barrel, having topped $110 at the end of April.

Note: Why aren't any of the major media questioning the practice of oil companies making huge profits from gas price increases, profits which come directly from the pockets of consumers? Shouldn't they all be responsible for at least part of the burden?

After giving a nearly six-month tryout for the Internet talk show host Cenk Uygur, the cable news channel MSNBC is preparing to instead hand its 6 p.m. time slot to the Rev. Al Sharpton. Cenk Uygur said MSNBC's management decided that they did not care for his aggressive style. Mr. Uygur, who had been made a paid contributor to MSNBC months earlier, was handed 6 p.m., a big coup given that he had earlier campaigned to have his progressive Web show “The Young Turks” picked up by MSNBC. Mr. Uygur, who by most accounts was well liked within MSNBC, said in an interview that he turned down the new contract because he felt [MSNBC President Phil] Griffin had been the recipient of political pressure. In April, he said, Mr. Griffin “called me into his office and said that he’d been talking to people in Washington, and that they did not like my tone.” He said he guessed Mr. Griffin was referring to White House officials, though he had no evidence for the assertion. He also said that Mr. Griffin said the channel was part of the “establishment,” and “that you need to act like it.”

Note: To understand why Uygur was forced out by powerful forces behind the scenes, watch the amazing 10-minute video of him exposing the blatant corruption of the bankers at this link. For an interview of MSNBC's Keith Olbermann on Uygur's resignation, click here.

Exxon Mobil and Royal Dutch Shell today reported first-quarter profit increases of 69 percent and 30 percent, respectively, from the same period last year. With rising gas and oil prices, analysts expected the five biggest oil companies -- with Exxon as the largest -- to report that they are swimming in revenue. Exxon earned $10.7 billion in the first quarter, up from $6.3 billion. Shell announced profit of $6.3 billion in the first quarter this year, up from $4.8 billion. ConocoPhillips said its first quarter earnings increased 43 percent to $3 billion from $2.1 billion in the same period last year. BP's first quarter earnings dipped this year -- $5.48 billion compared with $5.60 billion during the first quarter a year ago -- including a charge of $384 million related to the oil spill in the Gulf of Mexico. Valero Energy, based in San Antonio, Texas, and the largest independent U.S. refiner, announced ... a first quarter profit of $98 million "primarily due to higher margins for diesel and jet fuel," compared to a first quarter loss last year of $113 million.

Note: Why are oil companies raising their profit margins to drive gas prices even higher? For lots more from reliable sources on corporate corruption, click here.

A month after a devastating earthquake sent a wall of water across the Japanese landscape, the global terrain of the atomic power industry has been forever altered. The ongoing drama at the power plant in Fukushima ... has erased the momentum the nuclear industry has seen in recent years. Before Fukushima, a "nuclear renaissance" - as it was termed in the press - seemed well underway, except for this point: Nuclear power, as a total of world energy supply, has been in steady decline for the past decade. From 2000 to 2008, nuclear energy dropped from 16.7% to 13.5% of global energy production, according to the World Nuclear Industry Status Report 2009. The 2010-11 preliminary report, expected to be released [on April 20], will show the downward trend has continued. Costs of nuclear power plants can be as high as $10 billion. The average construction time is seven years, but with licensing approval new builds often take a decade. Nuclear power reactors are dependent on government subsidies and loan guarantees to be built, cover costs in case of accidents and assume long-term responsibility for storage of spent radioactive fuel, critics say, which artificially lowers the cost of production. Market reaction has been swift against the nuclear industry after the Fukushima disaster. Companies on the Standard & Poor's Clean Energy Index rose on average 17% in the wake of the disaster, while companies on the S&P Nuclear Index fell 8.7%.

Note: For lots more on corporate and government corruption, click here and here.

Radiation from Japan has been detected in drinking water in 13 more American cities, and cesium-137 has been found in American milk -— in Montpelier, Vermont -— for the first time since the Japan nuclear disaster began, according to data released by the Environmental Protection Agency [on April 8]. Milk samples from Phoenix and Los Angeles contained iodine-131 at levels roughly equal to the maximum contaminant level permitted by EPA, the data shows. The cesium-137 found in milk in Vermont is the first cesium detected in milk since the Fukushima-Daichi nuclear accident occurred last month. The sample contained 1.9 picoCuries per liter of cesium-137, which falls under the [EPA's] 3.0 standard. Airborne contamination continues to cross the western states, the new data shows, and Boise has seen the highest concentrations of radioactive isotopes in rain so far. A rainwater sample collected in Boise on March 27 contained 390 picocures per liter of iodine-131, plus 41 of cesium-134 and 36 of cesium-137. EPA released this result for the first time yesterday. Typically several days pass between sample collection and data release because of the time required to collect, transport and analyze the samples. In most of the data released Friday the levels of contaminants detected are far below the standards observed by EPA and other U.S. agencies.

Note: For lots more on corporate and government corruption, click here and here.

Oil from the BP spill remains stuck on the bottom of the Gulf of Mexico, according to a top scientist's video and slides that she says demonstrate the oil isn't degrading as hoped and has decimated life on parts of the sea floor. That report is at odds with a recent report by the BP spill compensation czar that said nearly all will be well by 2012. At a science conference in Washington Saturday, marine scientist Samantha Joye of the University of Georgia aired early results of her December submarine dives around the BP spill site. She went to places she had visited in the summer and expected the oil and residue from oil-munching microbes would be gone by then. It wasn't. "There's some sort of a bottleneck we have yet to identify for why this stuff doesn't seem to be degrading," Joye told the American Association for the Advancement of Science annual conference in Washington.

Erik Prince, the American founder of the private security firm Blackwater Worldwide, has cropped up at the centre of a controversial scheme to establish a new mercenary force to crack down on piracy ... in the war-torn East African country of Somalia. The project, which emerged yesterday when an intelligence report was leaked to media in the United States, requires Mr Prince to help train a private army of 2,000 Somali troops that will be loyal to the country's United Nations-backed government. Several neighbouring states, including the United Arab Emirates, will pay the bills. Mr Prince is working in Somalia alongside Saracen International, a murky South African firm which is run by a former officer from the Civil Co-operation Bureau, an apartheid-era force notorious for killing opponents of the white minority government. News of his latest project has alarmed, though hardly surprised, critics of Blackwater. The firm made hundreds of millions of dollars from the "war on terror", but was severely tarnished by a string of incidents in post-invasion Iraq, in which its employees were accused of committing dozens of unlawful killings. Mr Prince ... remains entangled in a string of lawsuits pertaining to the alleged recklessness of the firm. For most of the past year, he has been living in Abu Dhabi, where he has close relations with the government and feels better positioned to dodge lawsuits.

Note: For key reports from reliable sources exposing the crimes carried out by corporations and the military in the "Global War on Terrorism", click here.

A physicians' group campaigning against McDonald's fast food offerings says that four Houston TV stations have refused to run its advertisement equating cheeseburgers with heart disease and death. The advertisement from Physicians Committee for Responsible Medicine, titled "Consequences," displays a doctor and a weeping woman standing over a corpse clutching a cheeseburger in its right hand. The 30-second spot ends with a picture of the McDonald's logo, the words "I was lovin' it," a parody of the company's "I'm lovin' it" slogan, and the voiceover, "High cholesterol, high blood pressure, heart attacks. Tonight, make it vegetarian." Susan Levin, director of nutrition of education for the Washington, D.C., nonprofit, said all four of Houston's major network affiliates turned down "Consequences," which she said has aired in Chicago and Washington and was rejected by stations in Miami. The group was prepared to pay $5,000 to air the ad locally. Houston was selected for the campaign, the group said, because of its market size, its reputation as having one of the nation's highest obesity rates and because it has 149 McDonald's outlets, more than any city in the nation other than New York. The "Consequences" spot has been viewed more than 1.1 million times on the group's YouTube site.

Note: To view the commercial at YouTube, click here.

Stricken Allied Irish Banks is preparing to hand out €40m (Ł34m) of bonuses next week – despite being on the brink of receiving another emergency bailout from the Irish government. As many as 2,400 bankers in its Dublin capital markets division are to receive the payments on 17 December under agreements struck with the bank in 2008. The bank, 19% owned by Ireland's taxpayers but expected to reach 95% state-ownership, had originally been blocked from making the payments under one of the government's bailout programmes. But legal action by a trader, John Foy, over a deferred €161,000 bonus awarded in 2008 has led the bank to conclude it will need to pay bonuses to many of the staff to whom they were awarded for that year. The bonuses are being handed out at a time when the government is instigating four years of tax rises and brutal cuts to benefits. Bankers are receiving much of the blame for forcing Ireland to take international assistance and implement the austerity budgetary measures.

Note: For lots more from reliable sources on the worldwide bailout by taxpayers of failed banks, click here.

A growing pilot and passenger revolt over full-body scans and what many consider intrusive pat-downs couldn't have come at a worse time for the nation's air travel system. Thanksgiving, the busiest travel time of the year, is less than two weeks away. Grassroots groups are urging travelers to either not fly or to protest by opting out of the full-body scanners and undergo time-consuming pat-downs instead. Some pilots, passengers and flight attendants have chosen to opt out of the revealing scans. One online group, National Opt Out Day calls for a day of protest against the scanners on Wednesday, November 24, the busiest travel day of the year. Another group argues the TSA should remove the scanners from all airports. The Electronic Privacy Information Center (EPIC)... is taking legal action. Pilots' unions for US Airways and American Airlines are urging their members to avoid full-body scanning at airport security checkpoints, citing health risks and concerns about intrusiveness and security officer behavior. "Pilots should NOT submit to AIT (Advanced Imaging Technology) screening," wrote Capt. Mike Cleary, president of the U.S. Airline Pilots Association. "Frequent exposure to TSA-operated scanner devices may subject pilots to significant health risks," Cleary wrote. The website We Won't Fly urgers travelers to "Act now. Travel with Dignity."

Note: For a powerful, one-minute video showing just how invasive these searches are, click here.

The White House was accused today of spinning a government scientific report into the amount of oil left in the Gulf of Mexico from the BP [blowout] which had officials declaring that the vast majority of the oil had been removed. Environmental groups and scientists – including those working with government agencies – said White House officials had painted far too optimistic a picture of a report by the National Oceanic and Atmospheric Agency [NOAA] into the fate of the oil. "Recent reports seem to say that about 75% of the oil is taken care of and that is just not true," said John Kessler, of Texas A&M University, who led a National Science Foundation on-site study of the spill. "The fact is that 50% to 75% of the material that came out of the well is still in the water. It's just in a dissolved or dispersed form." Rick Steiner, a former University of Alaska marine biologist, suggested that the White House had been too eager to try to put the oil spill behind it, with Democrats in Congress facing tough election fights in November. "It seems that there was a rush to declare this done, and there were obvious political objectives there," he said. "Even if there is not a drop of oil out there, and it had truly magically vanished, it would still be an environmental disaster caused by the toxic shock of the release of 5m barrels of oil."

Note: For lots more from major media sources on government corruption, click here.

The federal Minerals Management Service gave permission to BP and dozens of other oil companies to drill in the Gulf of Mexico without first getting required permits from another agency that assesses threats to endangered species — and despite strong warnings from that agency about the impact the drilling was likely to have on the gulf. Those approvals, federal records show, include one for the well drilled by the Deepwater Horizon rig, which exploded on April 20, killing 11 workers and resulting in thousands of barrels of oil spilling into the gulf each day. The Minerals Management Service, or M.M.S., also routinely overruled its staff biologists and engineers who raised concerns about the safety and the environmental impact of certain drilling proposals in the gulf and in Alaska, according to a half-dozen current and former agency scientists. Those scientists said they were also regularly pressured by agency officials to change the findings of their internal studies if they predicted that an accident was likely to occur or if wildlife might be harmed. “M.M.S. has given up any pretense of regulating the offshore oil industry,” said Kierán Suckling, director of the Center for Biological Diversity, ... which filed notice of intent to sue the agency over its noncompliance with federal law concerning endangered species. “The agency seems to think its mission is to help the oil industry evade environmental laws.”

Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.

So severe is the environmental damage [at Lago Agrio, on the fringes of the Ecuadorian Amazon] that experts have called it an "Amazon Chernobyl". But the people of Lago Agrio and its surrounding area have been fighting back. Sixteen years ago, 30,000 Ecuadorians began legal action against the US oil company – now owned by Chevron – they hold responsible. This week, while both sides await the verdict, a fly-on-the-wall documentary about the case goes on release in Britain. Directed by Joe Berlinger ... "Crude" tells a story [that] began when Steve Donziger, a lawyer acting for the Ecuadorians, arrived at the film-maker's office. "The story the lawyer told me was indeed shocking," said Berlinger. Within a few days of Berlinger's trip to Ecuador, he realised that the case was virtually demanding to be made into a film. "I noticed a group of indigenous people sitting by the riverbank, preparing a meal by an open fire using processed tuna fish from a big industrial-sized can. They were eating this canned tuna because the fish that swam in their river, which had fed these proud people for millennia, were dead." "Crude" is a head-on culture clash bursting with strong personalities where brash US lawyers on both sides are at loggerheads, and Ecuador's indigenous – incongruous in New York with their traditional dress and warpaint – are carefully coached to fight their case in a foreign system.

Note: To watch the trailer for the film "Crude," click here.

Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.